(Bloomberg) -- Qatar is the last remaining bidder for the seized German operations of Russia’s state-controlled oil company Rosneft PJSC, according to people familiar with the matter.
A Qatari delegation visited Berlin’s chancellery for talks on the purchase in recent weeks, said the people, who asked not to be identified as the discussions are private. The German government would agree to the purchase, which means it’s now up to Rosneft and the buyer to seal the deal, they said.
Rosneft didn’t immediately respond to a Bloomberg request for a comment, nor did the Qatar government. The German economy ministry said that a final decision has not yet been made.
A deal would put an end to a two-year legal and regulatory battle over the local Rosneft entities that Germany seized after Russia’s attack on Ukraine sparked a global energy crisis. In September 2022, the state put Rosneft Deutschland and RN Refining & Marketing GmbH under a temporary trusteeship, which has since been extended multiple times.
Chancellor Olaf Scholz last received the Emir of Qatar in October last year, and the two countries are part of an energy partnership. Doha, in turn, maintains good relations with Russia, with the Qatar Investment Authority already owning a stake of roughly 19% in state-controlled Rosneft.
India’s Reliance Industries was among one or two other interested parties that have now stepped back from the bidding process, according to two of the people. A potential buyer had to come from outside the European Union to avoid financing issues related to sanctions.
Reliance didn’t reply to email and phone calls seeking comment.
Business Insider reported earlier on Wednesday that Qatar is in discussions to purchase the Rosneft assets.
--With assistance from Jack Farchy.
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